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Squandering home field advantage? Financial institutions’ investing in their own industries

Author

Listed:
  • Keswani, Aneel

    (City University)

  • Stolin, David

    (University of Toulouse)

Abstract

In the extensive debate about investment professionals’ ability to add value, there has been scant evidence on the role played by industry expertise. To shed light on this issue, we study own-industry investing. Specifically, we analyze how well individual mutual funds as well as mutual fund companies, banks and insurance companies invest in the shares of listed companies in the mutual fund, banking and insurance industries, respectively. We find little evidence that such inherent industry knowledge enhances these institutions’ ability either to time the investment in their industry as a whole or to select individual stocks within it.

Suggested Citation

  • Keswani, Aneel & Stolin, David, 2015. "Squandering home field advantage? Financial institutions’ investing in their own industries," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(2), pages 175-187.
    • Handle: RePEc:ris:jofipe:0082
    as

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    More about this item

    Keywords

    Funds; financial institutions; investments;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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